Employer Contribution Rate Beginning July 1, 2022 Likely to Be 31.25%

For the fiscal year beginning July 1, 2022, the minimum recommended net direct employer contribution rate determined by our actuary is 31.25%. The rate must still be approved by the Public Retirement Systems' Actuarial Committee in February, however.

The 31.25% represents an increase of only 1.5%, even after the board lowered the assumed long-term rate of return from 6.95% to 6.75%, thus decreasing the chances of future spikes in the employer contribution rates.